To give a somewhat happy ending to the story, I have two words: project creep. That's when you know you have one thing to fix, and you start thinking, "Hey, while I'm in there, let's do this...and this...and this."
Making a long story short, I ended up replacing all of the brake lines with carbon steel replacements from NPD. I figured if that one original line was bad enough to wring off, the others couldn't be too far behind. While the master cylinder was off, I noticed it was leaking out of the rear seal, so I went ahead and replaced it too (though I did save the original). With the new lines installed, it was pretty easy to plumb the rebuilt proportioning valve back into the system and get everything hooked up like it was originally.
At this point, I've not driven the car more than 10 miles (from the shop back home), and it does have a slightly spongier pedal than it did before. However, I figure there's probably still some air in the lines somewhere, and now that's it's had a chance to sit, I want to go back and bleed everything again. Other than that, the car stops much like it did before. I can't tell a noticeable difference, but at least I now have the peace of mind that everything in the brakes is functioning like Ford intended.